This collection examines the forces, both external and internal, that lead corporations to
behave efficiently and to create wealth. Corporations vest control rights in shareholders, the …

We provide evidence that corporate tax status is endogenous to financing decisions, which
induces a spurious relation between measures of financial policy and many commonly used …

We review some of the recent work in agency theory that has implications for the structure of
the corporation, in particular the resolution of conflicts of interest among stockholders …

It is surely appropriate that the John R. Commons lecture would someday be given on the
subject of Institutions. Anyone who goes back to read The Legal Foundations of Capital ism …

This paper studies the financing role of leasing and secured lending. We argue that the
benefit of leasing is that repossession of a leased asset is easier than foreclosure on the …

Designed specifically for economics students, The Economic Approach to Law, 2nd Edition,
provides an introductory treatment of law and economics, revealing how economic …

The existing finance literature assumes the real operating cash flows from leasing or owning
are invariant to the ownership of the asset and focuses on tax‐related incentives for …

This paper evaluates the influence of financial contracting costs on public corporations'
incentives to lease fixed capital. We argue that firms facing high costs of external funds can …

Our purpose is to provide a review of the development of the modern theory of corporate
finance. Through the early 1950s the finance literature consisted in large part of ad hoc …

This paper describes a novel functional Built-in-Self-Test (BIST) method for microprocessors.
This technique is based on the fundamental principle that complex chips have embedded …